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Evidence Guide: FNSIBK403 - Place client insurances with insurer and confirm insurance cover with clients

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSIBK403 - Place client insurances with insurer and confirm insurance cover with clients

What evidence can you provide to prove your understanding of each of the following citeria?

Obtain confirmation of interim cover

  1. Notify insurer of details of cover required immediately instructions are received from client
  2. Seek formal evidence of interim cover within relevant legislative, underwriting and brokerage policy requirements
  3. Check interim cover details for completeness and accuracy
Notify insurer of details of cover required immediately instructions are received from client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Seek formal evidence of interim cover within relevant legislative, underwriting and brokerage policy requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check interim cover details for completeness and accuracy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm insurance cover with client

  1. Forward confirmation of correct interim cover to insurers according to company operating guidelines
  2. Complete required documentation accurately and according to company operating guidelines
  3. Collect fees and premiums according to company operating guidelines
  4. Provide all original documentary evidence of cover to client and place copies in client file
Forward confirmation of correct interim cover to insurers according to company operating guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete required documentation accurately and according to company operating guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Collect fees and premiums according to company operating guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide all original documentary evidence of cover to client and place copies in client file

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete required documentation

  1. Arrange for documentation and/or declarations to be completed where required prior to expiry of interim cover
  2. Check client documentation for omissions and errors, and adjust where necessary
  3. Calculate premium and statutory imposts accurately where required
  4. Process premium and applicable endorsements and exclusions as required
  5. Provide instructions for completion of cover to insurer within required timeframes to ensure policy can be issued
Arrange for documentation and/or declarations to be completed where required prior to expiry of interim cover

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check client documentation for omissions and errors, and adjust where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Calculate premium and statutory imposts accurately where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process premium and applicable endorsements and exclusions as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide instructions for completion of cover to insurer within required timeframes to ensure policy can be issued

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain and record documentary evidence of insurance cover

  1. Make regular checks of receipt of documentation to ensure timely delivery to meet client requirements
  2. Check insurer’s documentation for omissions and errors
  3. Record insurer’s documentation on receipt as required by brokerage’s policy and guidelines
Make regular checks of receipt of documentation to ensure timely delivery to meet client requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check insurer’s documentation for omissions and errors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record insurer’s documentation on receipt as required by brokerage’s policy and guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Remit premium to insurers

  1. Ensure compliance with relevant legislation and brokerage’s policy and guidelines when remitting premiums
  2. Remit premiums to insurers in compliance with prearranged credit terms
Ensure compliance with relevant legislation and brokerage’s policy and guidelines when remitting premiums

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Remit premiums to insurers in compliance with prearranged credit terms

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update relevant files and records

  1. Update business and disclosure records without delay to comply with brokerage guidelines and procedures
  2. Check all records for accuracy and completeness
Update business and disclosure records without delay to comply with brokerage guidelines and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check all records for accuracy and completeness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Obtain confirmation of interim cover

1.1 Notify insurer of details of cover required immediately instructions are received from client

1.2 Seek formal evidence of interim cover within relevant legislative, underwriting and brokerage policy requirements

1.3 Check interim cover details for completeness and accuracy

2. Confirm insurance cover with client

2.1 Forward confirmation of correct interim cover to insurers according to company operating guidelines

2.2 Complete required documentation accurately and according to company operating guidelines

2.3 Collect fees and premiums according to company operating guidelines

2.4 Provide all original documentary evidence of cover to client and place copies in client file

3. Complete required documentation

3.1 Arrange for documentation and/or declarations to be completed where required prior to expiry of interim cover

3.2 Check client documentation for omissions and errors, and adjust where necessary

3.3 Calculate premium and statutory imposts accurately where required

3.4 Process premium and applicable endorsements and exclusions as required

3.5 Provide instructions for completion of cover to insurer within required timeframes to ensure policy can be issued

4. Obtain and record documentary evidence of insurance cover

4.1 Make regular checks of receipt of documentation to ensure timely delivery to meet client requirements

4.2 Check insurer’s documentation for omissions and errors

4.3 Record insurer’s documentation on receipt as required by brokerage’s policy and guidelines

5. Remit premium to insurers

5.1 Ensure compliance with relevant legislation and brokerage’s policy and guidelines when remitting premiums

5.2 Remit premiums to insurers in compliance with prearranged credit terms

6. Update relevant files and records

6.1 Update business and disclosure records without delay to comply with brokerage guidelines and procedures

6.2 Check all records for accuracy and completeness

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Obtain confirmation of interim cover

1.1 Notify insurer of details of cover required immediately instructions are received from client

1.2 Seek formal evidence of interim cover within relevant legislative, underwriting and brokerage policy requirements

1.3 Check interim cover details for completeness and accuracy

2. Confirm insurance cover with client

2.1 Forward confirmation of correct interim cover to insurers according to company operating guidelines

2.2 Complete required documentation accurately and according to company operating guidelines

2.3 Collect fees and premiums according to company operating guidelines

2.4 Provide all original documentary evidence of cover to client and place copies in client file

3. Complete required documentation

3.1 Arrange for documentation and/or declarations to be completed where required prior to expiry of interim cover

3.2 Check client documentation for omissions and errors, and adjust where necessary

3.3 Calculate premium and statutory imposts accurately where required

3.4 Process premium and applicable endorsements and exclusions as required

3.5 Provide instructions for completion of cover to insurer within required timeframes to ensure policy can be issued

4. Obtain and record documentary evidence of insurance cover

4.1 Make regular checks of receipt of documentation to ensure timely delivery to meet client requirements

4.2 Check insurer’s documentation for omissions and errors

4.3 Record insurer’s documentation on receipt as required by brokerage’s policy and guidelines

5. Remit premium to insurers

5.1 Ensure compliance with relevant legislation and brokerage’s policy and guidelines when remitting premiums

5.2 Remit premiums to insurers in compliance with prearranged credit terms

6. Update relevant files and records

6.1 Update business and disclosure records without delay to comply with brokerage guidelines and procedures

6.2 Check all records for accuracy and completeness

Evidence of the ability to:

follow company administration processes and insurance procedures to ensure insurance transactions are completed efficiently

check client and insurer documents to ensure there are no errors or omissions, and update records.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline the application of company or organisational policy, procedures and authorities relating to insurance transactions

describe the analysis of industry compliance requirements relating to insurance transactions

describe the application of administrative and record-keeping processes the adviser takes responsibility for in completing the insurance transaction.